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October 08, 2015 7:15 PM ET

Commercial Services and Supplies

Company Overview of Consumer Financial Protection Bureau

Company Overview

Consumer Financial Protection Bureau is an independent bureau providing consumers with financial markets information. The bureau aims to implement and enforce consumer financial laws, review business practices, monitor the financial marketplace, and establish consumer website and hotline to address the complaints and questions. Consumer Financial Protection Bureau was formed in 2010 and is headquartered in Washington, District of Columbia.

PO Box 4503

Iowa City, IA 52244

United States

Founded in 2010





Key Executives for Consumer Financial Protection Bureau

Chief Financial Officer
Chief Operating Officer
Acting Deputy Director and General Counsel
Assistant Director of Mortgage and Home Equity Markets
Compensation as of Fiscal Year 2015.

Consumer Financial Protection Bureau Key Developments

The Consumer Financial Protection Bureau Fines $48.3 Million on Westlake Services and Wilshire Consumer Credit for Deceptive Collection Tactics

The Consumer Financial Protection Bureau hit Wilshire Consumer Credit and Westlake Services with $48.3 million in fines and restitution, accusing it of deceptive collection tactics. The agency said that Westlake Services and Wilshire Consumer Credit called consumers under false pretenses and used phony caller ID information in an effort to collect on debts. The companies also allegedly falsely threatened to refer borrowers for investigation or criminal prosecution and illegally disclosed information about debts to borrowers' employers, friends and family. The CFPB ordered the companies to provide $44.1 million in cash relief and balance reductions to affected customers and pay an additional $4.25 million in civil money penalties. The agency said the companies' debt collectors altered called ID information for outgoing calls to make it appear that they were calling from other companies, including repossession firms.

Hudson City Savings Bank Enters into Settlement Agreement with the U.S. Department of Justice and the Consumer Financial Protection Bureau

Hudson City Bancorp Inc., the holding company for Hudson City Savings Bank (the Bank), announced that the Bank has entered into a settlement agreement with the U.S. Department of Justice and the Consumer Financial Protection Bureau related to certain alleged violations of the Fair Housing Act and Equal Credit Opportunity Act. The settlement was the result of investigations by the DOJ and CFPB into Hudson City's lending practices in majority-Black and Hispanic areas in its footprint mostly outside of New Jersey during the years 2009 through 2013. The DOJ and CFPB asserted that the Bank failed to originate enough loans in these areas when compared to a group of other market participants using statistical analysis of market data. Although Hudson City disagrees with the statistical analysis of loans relied upon by the DOJ and CFPB as the principal basis for its claims as well as the agencies' conclusions from their investigations, the bank has agreed to offer $25 million in subsidies to support home lending in minority areas and to implement a number of outreach and educational programs to residents of these communities. In the bank's view, the agreement will help supplement the bank's strong record of serving the needs of all communities within its geographic reach in a fair and honest manner for over 150 years. Indeed, due to its unique structure as a portfolio lender thrift institution and its origination product limitations, Hudson City historically relied heavily on purchases of loans from other originators to minority borrowers in the very census tracts that form the basis of the allegations, and kept such loans on its balance sheet in order to fulfill its Community Reinvestment Act and fair lending responsibilities. In the bank's view, providing additional liquidity to originators active in these areas through loan purchases is critical to meeting the credit needs of these communities. The bank decided to settle this matter, which includes payment of a $5.5 million civil penalty, to avoid litigation with these agencies so that it can focus on continuing to provide fair credit services to its customers and working to complete its pending merger with M&T Bank Corporation. If the merger is approved by the Board of Governors of the Federal Reserve and the New York State Department of Financial Services, the combined company will provide a wider array of banking products and services across a broad geographic footprint with greater minority populations. As required under its merger agreement with M&T, the company provided the agreement to M&T for review and received M&T's consent prior to entering into the agreement.

Consumer Financial Protection Bureau Announces Advisory Board Changes

The Consumer Financial Protection Bureau has appointed new consumer finance experts from outside the federal government to its Consumer Advisory Board, Community Bank Advisory Council and Credit Union Advisory Council. Consumer Advisory Board Members: Seema M. Agnani, Director of Policy and Civic Engagement, National Coalition for Asian Pacific American Community Development, Washington, D.C.; Sylvia A. Alvarez, Executive Director, Housing & Education Alliance, Tampa, Fla.; Tim Chen, Chief Executive Officer, NerdWallet, San Francisco, Calif.; Kathleen C. Engel, Research Professor, Suffolk University Law School, Boston, Mass.; Judith L. Fox, Clinical Professor of Law, University of Notre Dame, Notre Dame, Ind.; Neil F. Hall, Executive Vice President, PNC Financial Services Group, Pittsburgh, Pa.; Dr. Raul A. Hinojosa-Ojeda, Associate Professor, University of California Los Angeles Division of Social Sciences, Los Angeles, Calif.; Brian D. Hughes, Senior Vice President of Card Marketing, Discover Financial Services, Deerfield, Ill.; Christopher G. Kukla, Senior Vice President, Center for Responsible Lending, Durham, N.C.; Max R. Levchin, Co-Founder & Chief Executive Officer, Affirm, San Francisco, Calif.; Phaedra B. Robinson, Executive Director, Coalition for a Prosperous Mississippi, Richland, Miss.; Joshua Zinner, Co-Director, New Economy Project, New York, N.Y. Community Bank Advisory Council Members: Jonathan T. Allen, Chief Compliance Officer, Bank of American Fork, American Fork, Utah; Kathleen J. Cook, President and Chief Executive Officer, The Village Bank, Saint Libory, Ill.; Julia R. DeBery, Senior Vice President, Internal Audit and Risk Management, Bath Savings Institution, Bath, Maine; Jack E. Hopkins, President and Chief Executive Officer, CorTrust Bank, Sioux Falls, S.D.; Ricardo "Ricky' D. Leal, Community Lender and Senior Vice President, First Community Bank, N.A., Harlingen, Texas; Cara L. Quick, Vice President of Compliance, First Hope Bank, N.A., Hope, N.J.; Thomas E. Spitz, Chief Executive Officer, Settlers Bank, Windsor, Wis.; Yee Phong (Alan) Thian, President and Chief Executive Officer, Royal Business Bank, Arcadia, Calif.; Samuel Vallandingham, President and Chief Executive Officer, First State Bank, Barboursville, W.Va. Credit Union Advisory Council Members: Gail L. DeBoer, President and Chief Executive Officer, SAC Federal Credit Union, Papillion, Neb.; Robert C. Donley, Executive Vice President, Members Credit Union, Winston-Salem, N.C.; Gregory W. Higgins, Senior Vice President, General Counsel, Wings Financial Credit Union, Saint Paul, Minn.; Maria A. LaVelle, Chief Executive Officer, Westmoreland Community Federal Credit Union, Greensburg, Pa.; Carrie L. O'Connor, Senior Vice President, Lending and Operations, Community America Credit Union, Shawnee Mission, Kan; Thomas J. O'Shea, President and Chief Executive Officer, Aspire Federal Credit Union, Clark, N.J.; Katey Proefke - Assistant Vice President of Compliance, Chevron Federal Credit Union, Oakland, Calif.; James E. Spradlin, President and Chief Executive Officer, Park Community Credit Union, Louisville, Ky.

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